Economic Buzz: Eurozone current account surplus declines in July

The euro area current account surplus declined in July as the surplus on services trade and primary income decreased from June, the European Central Bank said on Thursday.

The current account surplus fell to EUR 27.7 billion from EUR 35.8 billion in June. In the same period last year, the surplus totalled EUR 31.6 billion.

The surplus on goods trade rose to EUR 25 billion from EUR 23 billion in the previous month, while the surplus on services decreased to EUR 12 billion from EUR 16 billion.

The primary income halved to EUR 7 billion from EUR 14 billion. At the same time, the shortfall in secondary income narrowed to EUR 16 billion from EUR 17 billion.

In the twelve months to July, the current account surplus was EUR 315 billion or 2.0 percent of GDP. However, this was down from EUR 394 billion or 2.6 percent of GDP in the same period last year.

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